When it comes to shopping, people are influenced by all kinds of things. If you’re running a business and want to increase sales, understanding consumer purchase behavior is key.
In this article, we’ll take a look at the factors that really make people buy products or services and uncover what drives their decisions when they’re out shopping.
So, stick around to find out how you can create products and strategies that really resonate with your customers, and watch your sales climb while your customers stay happy.
TABLE OF CONTENTS
– Understanding customer purchase behavior
– 1) Financial gain
– 2) Cost Savings
– 3) Social Recognition
– 4) Convenience
– 5) Pain relief
– 6) Enhanced comfort
– 7) Time Efficiency
– Conclusions
Understanding customer purchase behavior
People shop for different reasons, each driven by different needs and desires.
Do you know those needs and wants? Do you know their pain points? And more importantly: Do your products or services address them?
Understanding consumer purchase behavior will help you to provide the right product or service that meets their needs and wants, even if they don’t know what they want.
Here is a list of factors to consider in order to understand customer purchase behavior:
1. Financial gain
- Problem: Customers want to increase their income
- Solution: Show them how your product or service can help them increase their income.
One of the primary drivers behind purchases is the potential to make money.
Businesses and individuals alike are constantly looking for ways to increase their income. For that reason, this is a great opportunity to show your prospects how your product or service will benefit them and why you’re the only company that can provide it.
For instance: if you sell automation software, you can show them how your product can help them achieve higher productivity, lower costs, and ultimately greater financial gain.
2. Cost Savings
- Problem: Customers want to save money
- Solution: Show them how your product or service can improve operational efficiency and reduce overhead costs.
Saving money is a universal goal. Offer your customers cost-effective solutions, such as lower-cost alternatives or tiered pricing that gets cheaper with scale.
For example, Outbound Rocks offers competitive rates and pricing plans to help you find a plan that fits the needs and budget of your business.
3. Social Recognition
- Problem: People want to feel admired and recognized for their choices.
- Solution: Tell your customers how your product or service can enhance their social status.
Emphasize how your product can enhance their social status, such as helping them get more dates, acquire customers faster, or simply make them the envy of their friends.
For example, you can offer social media marketing services to increase social recognition for businesses.
4. Convenience
- Problem: Customers want convenient products or services
- Solution: Show customers how efficient your product is.
Efficiency and convenience are highly valued. Identify pain points in your customers’ routines and create products that make their lives easier.
For example, cloud computing solutions provide convenience by allowing businesses to store and access data and software in the cloud. This eliminates the need to maintain on-premises servers, makes data accessible from anywhere, improves collaboration, and simplifies operations.
5. Pain relief
- Problem: Customers wants to solve their problems and create a better situation for themselves
- Solution: Guide your customers on how to fix their problems.
Customers often gravitate toward solutions that alleviate pain or discomfort in their lives. Identify these pain points and offer services such as weight loss programs, rehabilitation, or counseling to help them overcome their challenges.
For example, many businesses face the pain point of spending a significant amount of time managing their email marketing campaigns.
6. Enhanced comfort
- Problem: Customers want more comfort
- Solution: Present how your product or service can increase customer satisfaction.
Think about how your product can improve the comfort and satisfaction of your customers.
For example, if you sell ergonomic office chairs, show them key features, such as lumbar support and adjustable armrests, and demonstrate how these chairs help office workers maintain better posture, reduce discomfort during long periods of sitting, and improve overall well-being.
7. Time Efficiency
- Problem: Customers want to save time
- Solution: Show your customers how your business solutions can save them time.
Time is invaluable. Your product should save customers time so they can focus on more important tasks. Consider offering services such as translation, virtual event planning, accounting, and IT support to free up their valuable time.
For example, at Outbound Rocks we provide you with a simple and flexible solution so you can focus on what really matters: closing deals.
Customer purchase behavior
Understanding consumer purchase behavior is critical to success. You can employ many methods to find out what goes into the purchase decision process, and it starts with asking the right questions:
Do I understand the needs of customers? Does my product solving an existing problem?
Find the answers and you will improve your marketing strategy and ensure you meet your customers’ needs.